Credit Suisse is "committed" to keeping its customer-focused, derivatives-based commodities business, which hews to a model that many of its rivals are now returning to, the bank's global head said on Thursday. "We remain committed to commodities," Paul Hawkins, global head of commodities at Credit Suisse, told reporters."Many of the banks are now moving toward a model similar to the one that Credit Suisse has followed for a long time, with more emphasis on clients and with less dependence on proprietary and physical trading."A host of big global banks have been paring back or closing down their commodity trading operations, particularly those focused on physical raw materials, amid thinning margins, higher capital requirements and intense regulatory scrutiny.Morgan Stanley and JPMorgan Chase & Co have sold off large parts of their physical trading businesses, while Barclays PLC and Deutsche Bank AG DBKGn.DE-TK are quitting the commodity markets altogether.
Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Shares of BCS traded higher by 0.85% or $0.14/share to $16.59. In the past year, the shares have traded as low as $15.32 and as high as $19.59. On average, 2923090 shares of BCS exchange hands on a given day and today's volume is recorded at 1422623.
Deutsche Bank AG is a global investment bank. The Company offers a variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Shares of DB traded higher by 0.55% or $0.2237/share to $40.75. In the past year, the shares have traded as low as $39.89 and as high as $54.49. On average, 1365360 shares of DB exchange hands on a given day and today's volume is recorded at 1425740.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.04% or $-0.02/share to $54.53. In the past year, the shares have traded as low as $50.06 and as high as $61.48. On average, 18763900 shares of JPM exchange hands on a given day and today's volume is recorded at 10876512.
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